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3/15/2022 <br /> Workforce Housing Program ,, CSCDA <br /> • CSCDA(via its affiliate joint powers authority) acquires new or existing <br /> multifamily housing properties and records a regulatory agreement <br /> restricting rents. rent increases, and occupancy for residents earning <br /> between 60%and 120%AMI. <br /> • All properties are 100%financed with CSCDA issued governmental bonds <br /> (no equity or other public subsidies are required). <br /> • The City does not need to participate in the financing or provide any subsidy <br /> and the program is revenue neutral for the City. The City's role is to: <br /> 1. Become a member of CSCDA's affiliate JPA(CSCDA CIA). <br /> 2. Enter into a Public Benefit Agreement whereby the City receives all <br /> surplus revenue when the property is sold or refinanced. <br /> www.cscda.org www.opportunityhousinggroup.corn <br /> 5 <br /> Housing for the Missing Middle in Pleasanton t CSCDA <br /> In Pleasanton.28%of renters are extremely rent-burdened,paying>40%of income as rent. <br /> • 7%of renters in Pleasanton pay 40-50%of income as rent. <br /> • 21%of renters in Pleasanton pay>50%of income as rent. <br /> Pleasanton future rent growth projected at 6.7%for 2022 and 5.0%for 2023. <br /> Data from Amencan Community Survey;Us Census 2020).Costar <br /> CSCDA's Workforce Housing Program is designed to help these rent-burdened residents. <br /> The Program has been extremely successful to date in achieving rent savings for the <br /> target demographic. <br /> www.cscda.org www.opportunityhousinggroup.corn <br /> 6 <br /> 3 <br />